16 minute read
Budget Hacks
Savings Advice from Our Readers
by Alexis Marino
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We tend to have high aspirations at the start of a new year, so vowing to save more money is usually at the top of the resolution list. If you’re serious about stashing away more moolah this year, read on for a few interesting ways to pinch a penny from our readers.
• If you are an equations lover, Courtney B. has a clever calculation. Divide the current year by 52 (for the number of weeks in the year). Take that amount and automatically transfer it weekly into your savings. Year 2022/52 weeks = $38.88 per week. On the last day of the year, you will have accumulated $2,022. You can use this to roll over into the next year, spend on Christmas presents, or take a vacation!
• Jim W. says to compare the price of stew meat and the price per pound of chuck roast. If you cut your own stew meat you will save money in the long run.
• Malwen T. has an economical workaround in the way of meats. She says to buy cheaper cuts
of beef and grind your own, instead of buying expensive ground meat. And as a way to save on soaring gas prices, she says, if your vehicle runs on premium-unleaded, purchase a bottle of Octane Booster and add it to a tank of regular-unleaded.
• Marti H. shares ways to save while staying organized. She uses standardsized wooden clothes pins as “chip clips” for the snacks in her pantry.
Label the pins and reuse them for your next box of crackers. You can also use the wooden clips to roll up electronic cords to keep them organized when disconnecting and reconnecting.
• We love our pets, but they cost a pretty penny! Amanda D. says instead of buying doggy pee pads, she buys XXL human ones and cuts them half, saving her at least $5.
• Keisha B. swears by ibotta. It’s an app that sends money back to your bank account from items you have already purchased. Spend and save?
Score!
• Amanda J. endorses ibotta, as well as a multitude of other coupon sites and money savings apps like
GetUpside, Fetch, Shopkicks, and
Swagbucks. There are Facebook coupon groups and tons of money saving hashtags on TikTok and
Instagram. Walgreens, CVS, and the Dollar Store all have digital and paper coupons, as well.
• Wendi G. says to download the
Flipp app, which compares shopping prices. She also advises to keep chicken bones or vegetable peelings and scraps to make a stock or soup that you can freeze.
• Rachel C. invested in a bidet, which saves on toilet paper. She also line dries her clothes to save on the electric bill. Dry beans, she says, last longer than canned and are much cheaper.
• Loree S. reminds us that it is important to keep track of what you spend more than what you save.
More Tips From a Budgeting Pro
When we heard about Emily Suire, 30, who is a thrift shopper and self-proclaimed probudgeter, we couldn’t wait to get her take on spending money wisely. “I always give friends advice on how to shop and travel on a budget, so I created a blog to share my tips.” The engineering technician grew up learning how to budget and live a comfortably frugal lifestyle from her mother. Suire believes that you can find excellent quality items that won’t break the bank if you put effort into your shopping and pay attention to sales. Though she no longer runs her blog, she curated her best advice for us.
Is this the year you become fiscally frugal? Read on to find out how.
Wearing the latest trends
When Suire wants to sport a new outfit, she checks the thrift stores first, often finding quality (and sometimes even designer) clothing that someone grew tired of wearing. And bonus, she adds, thrifting is great for the environment! She also scrolls budget-friendly websites, such as shein.com, which carry on-trend clothing at super affordable prices, discounts and free shipping. Why break the bank on revolving door fads?
Making groceries
Suire advises to budget weekly for groceries and to keep track of your food spending and eating habits. Many grocers like Albertson’s and Whole Foods have rewards programs, so be sure to redeem those before you check out. Big box stores tend to have better prices, but to support local, Suire says to budget them into your weekly grocery trip and stay on top of daily deals the local grocers offer. “Like on Wednesdays,” she says, “Champagne’s offers $5 sushi and it’s a deliciously cheap meal!”
Monthly expenses
Suire sets a budget each month. She records her income subtracting from it her monthly bills and the amount she wants to save each month. She then divides that figure by four (or five, depending on the month) to set her budget per week. Included in her weekly budget is groceries, gas, eating out and any extras she may want to splurge on that month.
— Emily Suire
There’s no place like home
Suire enjoys the comforts and coziness of home, but furniture and décor can get pricey. To remedy that, she shops at thrift stores hunting for well-made furniture she can repurpose herself. “I have a desk from The Hut I bought for $40. I painted it grey, and spray painted the knobs. I bought a roll of wallpaper and covered the top of the desk. I used the same roll of wallpaper to cover two bookshelves I bought from Walmart for $50. My bedside table is from the Salvation Army which I painted on my own. So not only did I find inexpensive quality furniture, but I also got to turn them into how I wanted them to look!” Suire is a huge fan of spray paint. “You can find cool items at thrift stores and just spray them whatever color to match your décor.”
Going places
Travelling on a budget is possible if you do a little research. Follow flights on apps such as Hopper to find the cheapest prices and, especially if you stay flexible on your travel dates, you can find great rates. Suire says she books lodging through Airbnb, which can be significantly less expensive than hotels. “I budget and save for a vacation, but I also feel that experiences are valuable aspects of life, so I don’t mind budgeting a bit more to visit a beautiful destination, go to a concert, or experience something totally cool.”
Budget with intention and stick to your plan. Suire says last year she saved about $10k by following her own advice. What could you do with an extra ten grand? n
The Good Splurge
Which Luxury Items to Buy and Where to Find Them
by Anne Songy
Renaissance Market in Lafayette carries an impressive collection of vintage Chanel accessories.
Sometimes you want to spend a little more on something special, and sometimes you need to pump the brakes. And then there are those times when you have your eye on a luxury item, and all bets are off. Don’t be that person throwing cash out the window of a new mega yacht. With the help of a few local experts, we’ll tell you where to go to find the luxury goods that have the strongest return on investment.
Jewelry
Nothing depicts luxury quite like diamonds and gold, so we visited with two Acadiana jewelers for advice on the best choices for good investment.
“Gold is always worth the splurge,” says Katie Culbert, co-owner (with her mother) of Kiki boutiques in Lafayette and Baton Rouge. “We opened our shop 15 years ago, and the price of gold has
Kiki in Lafayette suggests gold pieces like the Pomellato Iconica ring (left) and the Temple St. Clair Angel ring as strong jewelry investments.
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increased so much that the pieces we were selling then have doubled in value. Solid 18k gold options from high-end jewelry designers like Pomellato and Temple St. Clair are incredibly made and withstand the test of time.” Emma Hanks, vice president of operations at Allain’s Jewelry, agrees. “Splurging on jewelry of good metal quality, such as 10kt or 14kt gold, platinum or sterling silver, is always a good idea,” she says. “Colored stones and diamonds hold their value, as well,” she adds. “The cost of natural diamonds constantly increases over time; however, depending on your ‘splurge’ budget, we also offer lab grown diamonds that are more ecofriendly and cost efficient.”
Like aquiring anything beautiful, a financial investment in jewelry is also an emotional one. Culbert explains, “Fine jewelry is like fine art. We spend so much money on art for our homes, why wouldn’t we spend money on art for our bodies? Each piece can represent a moment in time, and that moment can be remembered and retold generation after generation.” The boutique owner goes on to share her own way of investing in the future. “Every year on my daughter’s birthday (she’s three
Natural diamonds like this one from Allain’s Jewelry retain their value, but their lab grown diamonds are more eco-friendly. Revival Antiques in Scott houses a Louis Vuitton vintage boutique.
now), I invest in a nice piece of jewelry for myself that I can then turn around and give to her on future birthdays.”
Hanks echoes that sentiment, saying, “Apart from jewelry being a good investment to splurge on monetarily, it will also last a lifetime and can be passed down to future generations. Any item that has been passed down from someone you love always holds sentimental value. Pieces that tend to be most sentimental are diamonds and colored stones, which can be reset from older pieces and made into new items, such as engagement rings, and pendants.”
When it comes to best bets, Culbert suggests an investment in a traditional, timeless gold piece. “For a real deal kind of splurge, we have this incredible heavy duty, solid 18k gold chain by Temple St. Clair,” she says. “It’s called the Jean D’Arc Necklace and modeled after the chainmail that one of history’s strongest women wore in battle. It’s heavy and beautiful and certainly timeless. A chunk of gold like this never goes out of style and always holds its value. It’s the ultimate investment piece.”
Vintage Designers
It might be surprising to know vintage designer handbags and accessories are one
The most expensive bag ever auctioned at Christie’s was this matte white Niloticus Crocodile Himalaya Birkin 30, made of Nile crocodile hide and adorned with 18k white gold and diamond hardware. It sold on November 29, 2017 at Christie’s Hong Kong for $384,285 USD. Others of this rare bag are currently selling for $200,000 to $550,000.
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of the top luxury item investments in the world. They are in high demand and, depending on the brand, the popularity of the piece and the condition, these items can fetch unbelievable returns in resale. Chanel and Hermès have been known to retain their value better than others, but Louis Vuitton is a strong contender, as well. Specifically in handbags, the Chanel 2.55 double flap, the Hermès Birkin and the Louis Vuitton Bum Bag (a fanny pack) make the best investments insofar as holding their value.
Beyond a monetary return on investment, vintage handbags also support the shift toward sustainability and longevity in fashion. Moving away from cheap purchases that get tossed every season or two, investing in one key wardrobe item that will work across all occasions for many years is something to factor into your investment strategy. In some cases these purchases can even be handed down, as well.
Worried about getting duped by a fake designer handbag or accessory? The staff at the Louis Vuitton boutique inside Revival Antiques in Scott says that imposters are getting almost too good to spot. As much as they know about fakes (they show us tips, like how LV initials will rarely be cut off in the sewing of the bag), they still rely on authentication companies like ENTRUPY that scan bags with latest technology and algorithms to certify their authenticity. Renaissance Market in Lafayette, which has an impressive collection of vintage Chanel accessories, actually travels to Paris to buy and authenticate the pieces it carries.
Real Estate
You know what they say about land: they’re not making any more of it. Whether as a future development, a second home, a business venture, or a rental property, real estate has earned a reputation as a sound investment.
Latter & Blum realtor Lisa Duhe Lourd says, “If you can afford to purchase a second home in a vacation market, AirBnB and VRBO rentals can be very lucrative – especially if you purchase a home that needs some updating. Wise updates can not only build equity, but also give you an income stream and a great place to vacation!”
Not all markets are created equal, though, so Lourd suggests speaking
with a realtor to understand each area better. “The real estate market is localized,” she explains. “What’s happening in Aspen is different from River Ranch, is different from Broussard, is different from New Iberia.” She continues, “While land is often a very long term investment, in Iberia parish residential rentals tend to do well. If purchased at the right price, you can generate income for years.”
According to Lourd, the emotional connection, especially to homes, can be a factor in purchasing decisions and in selling when the market is right. “It’s not only the largest purchase most people make, but it’s tied up with their hopes and dreams for the future, so it has to ‘feel right.’ For sellers, it can be difficult at closing because you’re letting go of the space attached to memories and life experiences. I’ve been in closings where everyone is teary-eyed; sellers, buyers, agents and the attorney,” she exclaims.
Lourd has some personal experience with this phenomenon. “My family is friends with the current owners of my grandparents’ old home, so it’s been wonderful to still have that connection, visiting their house and sharing old photos and memories,” she says.
Classic Cars
Buying a classic car can be a huge investment – and sometimes one with a good return. Many will buy a car that is in less-than-mint condition, then invest time and more money into refurbishing it. Others buy one in the best condition they can find, then treat it with kid gloves until the right buyer comes along.
Although the Classic Car of America defines a “classic” as one produced between 1915 and 1948, a vehicle in Louisiana is considered a classic if it’s at least 25 years old and has been valued at an excess of $10,000.
The price of classic cars has gone up in recent years, but initial cost isn’t the only factor to consider. To own one comes with more expense than most consider: ongoing maintenance, storage, trailering, restoration costs. Also consider the capital gains taxes incurred if you sell your refurbished vehicle for a profit.
Still, according to dealers like Bayou Classics and Customs in Parks, a classic vehicle can not only be a reasonable financial investment, but it also could be an investment in your own wellbeing, giving you a lifetime hobby or just the sheer joy of owning such a beauty.
Charitable Giving
When it comes to investments, sometimes charitable giving is overlooked. We regularly support our favorite charities, which may be for greater good, but many are beginning to realize the benefits outside of philanthropy.
There are myriad ways to get a return on a charitable gift (tax writeoffs, estate planning implications, diverting non-income-generating assets into a trust), but investing in your community may be the best return of all. “Simply put: giving is good for business,” says Community Foundation of Acadiana CEO Raymond Hebert. “We live in a very generous region in which giving comes naturally. Neighbors give to neighbors, and strangers, and anyone they can help. While this is often done quietly and directly, frequently giving to the good nonprofit organizations, churches, schools, hospitals, and other public entities that serve our communities is a standard process. But generous support of these credible community organizations supports our friends and neighbors, and strengthens the economic makeup of our communities.” n
Raymond Hebert, CEO Communnity Foundation of Acadiana
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